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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Pampa Energia SA has a M-score of -4.48 suggests that the company is not a manipulator.
During the past 10 years, the highest Beneish M-Score of Pampa Energia SA was 6.19. The lowest was -7.83. And the median was -2.89.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Pampa Energia SA for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 1.3895||+||0.528 * -1.7028||+||0.404 * 0.7962||+||0.892 * 1.07||+||0.115 * 1.143|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2965||+||4.679 * -0.1775||-||0.327 * 1.1441|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $242.6 Mil.|
Revenue was 191.869585799 + 176.325443787 + 169.397278107 + 162.87147929 = $700.5 Mil.
Gross Profit was 5.69715976331 + -0.474792899408 + 13.4633136095 + -6.90378698225 = $11.8 Mil.
Total Current Assets was $528.7 Mil.
Total Assets was $1,823.7 Mil.
Property, Plant and Equipment(Net PPE) was $995.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $50.6 Mil.
Selling, General & Admin. Expense(SGA) was $165.6 Mil.
Total Current Liabilities was $760.3 Mil.
Long-Term Debt was $454.0 Mil.
Net Income was 11.3132544379 + 36.6498224852 + -46.1662721893 + -11.6637869822 = $-9.9 Mil.
Non Operating Income was 51.0688757396 + 11.3195266272 + -35.9217751479 + -32.2415384615 = $-5.8 Mil.
Cash Flow from Operations was 118.536094675 + 55.5132544379 + 59.1136094675 + 86.4917159763 = $319.7 Mil.
|Accounts Receivable was $163.2 Mil.
Revenue was 168.95443787 + 134.77704142 + 164.757159763 + 186.164615385 = $654.7 Mil.
Gross Profit was -2.89905325444 + -9.16923076923 + -12.2209467456 + 5.53869822485 = $-18.8 Mil.
Total Current Assets was $433.5 Mil.
Total Assets was $1,524.5 Mil.
Property, Plant and Equipment(Net PPE) was $777.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $45.4 Mil.
Selling, General & Admin. Expense(SGA) was $119.3 Mil.
Total Current Liabilities was $574.1 Mil.
Long-Term Debt was $313.2 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(242.615502959 / 700.463786982)||/||(163.186390533 / 654.653254438)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(-0.474792899408 / 654.653254438)||/||(5.69715976331 / 700.463786982)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (528.681183432 + 995.938343195) / 1823.65171598)||/||(1 - (433.460473373 + 777.086863905) / 1524.52426036)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(45.4156213018 / (45.4156213018 + 777.086863905))||/||(50.5533727811 / (50.5533727811 + 995.938343195))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(165.555857988 / 700.463786982)||/||(119.342366864 / 654.653254438)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((454.042721893 + 760.264615385) / 1823.65171598)||/||((313.16 + 574.092189349) / 1524.52426036)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-9.86698224852 - -5.7749112426||-||319.654674556)||/||1823.65171598|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Pampa Energia SA has a M-score of -4.48 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Pampa Energia SA Annual Data
Pampa Energia SA Quarterly Data